Case Interview 101 - A great introduction to Consulting Case Study Interviews

1-on-1 Job Interview + Business Context -> Solve problems

=> good methodology

- Root-caused reason, not symptoms

- Find all root-caused reasons (MECE): cannot overlap & all together has to equal the big problem

Case Interview Framework

+ Profitability framework

+ McKinsey M&A

+ Porter's five forces

+ 4C, 4P, etc

- Find All root-caused FAST & EFFICIENT: Hypothesis

- Candidate-drive or Interview-led case

3 qually-important factors:

+ consulting math

+ case interview tips and techniques

+ Bussiness intuition

How to prepare:

+ Read sample case interview in action

+ Develop the habit of reading business publications

+ Start with your math practice

+ Learn tips & techniques

+ mock case interview

Market-sizing & Guesstimate questions

a number so hard to get -> a good-enough value => Interviewers want to see your process

THE "MAGICAL" APPROACH

- Clarify the question

- Breakdown the problems: identify mathmatically the factors determining the number

- Sovlve each piece

- Consolicate into a final result

Tips & tricks

- use rounded & easy-to-calculate numbers

- have te habit of clarifying

- do sanity check of the results

- structured answer with visual aids -> draw out components and point to each one while speak

MECE (Mutually exclusive & Collectively Exhaustive)

- Small pieces cannot overlap

- The sum of small parts equal big item
- Small pieces in the same class
- Stick to the magical three

Brain Teasers

BREAK DOWN the complex and vague into SPECIFIC question types

1. Illusion question: they create illusions and draw your attention to insignificant details
 Realize the illusions and focus on the important details you overlooked
2. Draw-explanation question: provide you with weird and impossible situations
 A little creativity and imagination (as long as they explain the situation)
3. Wording questions: at least one word that can be interpreted into multiple meanings
 Doubt your mind’s interpretation of every word to find the alternative meaning of a word, which
may change the whole context
4. Pattern/Trend Questions: involve a series of numbers or letters with a certain pattern or trend
 Think a lot of possible trends, apply them into the string, see if those trends correctly predict the
string
5. Logical question: no trick, no illusion, no creativity
 Use pure math and logical brainpower to solve
6. Letter-trick questions: play with the organization, demonstration, composition of letters
 Look at as many aspects as possible (synonyms, visuals, verbal, etc.,)
7. Market-sizing & Guesstimate questions

Hypothesis: an educated guess of where the bottleneck might be

 Hypothesize where to find the insights

1. Hypotheses need to follow the chosen framework
2. Hypotheses should be top-down
3. Always have a hypothesis
4. Hypothesis should reflect the date you have (never forget and ignore important data)

Case Interview Frameworks - Templates for drawing great Issue Trees

Myth no.1: The more frameworks I know the better

 Study several “building-block” frameworks

 Enhance the ability to draw specific frameworks suitable to each context

Myth no.2: there must be a framework out there that fits this case

 There will be cases which a new framework or at least customization is needed

Myth no.3: The fancier the framework, the more impresses the interviewers become

 Use appropriate frameworks and applicable in the provided context

Myth no.4: Framework is only relevant to candidate-led not to interview-led cases

 The interviewer may ask “framework” questions and you should structure your answer and have
a mini framework

Comprehensive Frameworks Mini Frameworks

Profitability: External & Internal
 mathematically break down profit until
you've gathered enough information
 conclude or to switch to a more
qualitative framework to search for the
root-causes
3C and P Qualitative & Quantitative
Don’t blindly bring all FOUR elements Suitable for finding reasons and evaluations
McKinsey M&A (stand-alone value, synergy, Cost & Benefit
other factors) Suitable in decision making
BCG 2x2 framework